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Eni to Buy U.K.'s Burren Energy

ROME -- Eni SpA, Italy's biggest oil and gas company by volume, agreed to buy United Kingdom company Burren Energy PLC for &pound;1.74 billion ($3.59 billion), boosting Eni's assets in Congo and giving it a foothold in Turkmenistan.

Burren's board of directors recommended Eni's all-cash offer of 1,230 pence per share, the companies said in a statement. Burren had previously rejected offers of 1,200 pence and 1,050 pence per share...